Wednesday, October 10, 2007


NIFTY: - Open 5062 High 5348 Low 5000 Close 5327 (+242 points)

P/E 24.26 P/B 5.82 Adv 48 Dec 1 Unch 1

Supp 5300/5260/5230 Res 5375/5450/5500

SENSEX: - Open 17402 High 18327 Low 17287 Close 18280 (+788 pts)

Supp 18080/17950/17800 Res 18400/18650/19000

Biggest rally in life:-

· Sensex had a massive bull-run intraday of more than 1000 points as it closed well above 18000 for the first time ever. Nifty too closed above 5300.

· Volumes were good at Rs 18456 Cr in spot market and F&O Vol at Rs 82362 Cr.

· Breadth was quite negative in recent past – BSE Adv 621 Dec 2364 Unch 56 NSE Adv 137 Dec 955 Unch 20

· FIIs bought Rs 1416 Cr equity in spot market whereas domestic institutional investors sold Rs 529 Cr. FII’s bought Rs 1668 Cr in Index F&O. They sold small Rs 66 Cr in Stock Futures.

Top Gainers: - Rel Energy, RCom, Tata Power, Maruti, Zee Enter

Top Losers: - Sun Pharma

Indian ADRs: -

Euphoria starts:-

· Yesterday’s move is a breakout and we can see 5450-5500 as the immediate target for the Nifty. 5300 and 5260 will act as strong supports. Consistent support from ONGC and other heavyweights can even make us surpass this target.

· As political uncertainty disappears for some days, market-players will watch quarterly results closely. If Tech stocks can deliver good results, it will add further fuel to this rally.

· Buy Amtek Auto (371):- The stock can target 420-430 in short term. SL 357

· Buy Nicolas Piramal as it can reach 330-340 in days to come.

(Keep SL in short-term trades)

Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.

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